m running a tea manufacturing factory and want to sale my old machinery to a another factory
is there Gst applicable in this transaction...
14 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 04 December 2017
Yes... GST applicable.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 04 December 2017
Current tax rate is applicable for the machinery...
Margin value is taxable...
Prakash Mehta
(227 Points)
Replied 04 December 2017
here margin value means
can u give the example for same
can u give the example for same
Parv Kumar
(Student)
(4037 Points)
Replied 04 December 2017
Margin value means sales value less purchase value of old goods.
Garvit Jain
(CA FINAL)
(62 Points)
Replied 05 December 2017
If u want to sell ur old machinery, u hv to reverse the itc claimed on purchase of machinery.. follow procedure as per section 18(6) read with rule 44.. margin scheme is for dealer dealing in second hand goods
mukesh kumar sah
(Accountant)
(50 Points)
Replied 05 December 2017
yes margin scheme is for dealer dealing in buying and selling second hand goods but m not such dealer
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 05 December 2017
You are not a dealer then sell the goods with tax for the sale value...
mukesh kumar sah
(Accountant)
(50 Points)
Replied 05 December 2017
can u refer me section covering the above transaction where I can read
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 05 December 2017
Yeah...
You are Most welcome...
Rakesh Sarswath
(Article Student-GST Specialization)
(190 Points)
Replied 05 December 2017
Margin value does not apply in your case, you have to pay GST on transaction value
Siddharth Goel
(Chartered Accountant)
(3031 Points)
Replied 04 July 2018
Hi,
Yes GST @ 18 % is applicable on sale of old machinery under the GST regime.
Please follow the link mentioned below for detailed understanding on Sale of Capital goods under GST:
https://www.caclubindia.com/articles/sale-of-capital-goods-in-gst-regime-31284.asp
Recent Topics
- FORM 10 IEA IN Revised return
- ITC Eligibility on GTA
- Top Highest Tax-Paying Celebrities: FY 2023-24
- Misplace society Bye law
- Submit ommited invoice of previous year
- Need your valueble insight
- GSTR-9 Invoices
- Agricultural Business Loss
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
Related Threads
CAclubindia
